India..paper money and common sense reduced. seriously, that was your plan? Ha.

[McDuck]

So in a blundering style not seen since British military tactics of the last century, India decide to remove some common paper notes from circulation. No actual planning and thought went into this. But the sheer stupidity of the whole thing at least provides entertainment to the rest of us. read on below.

https://www.bloomberg.com/news/articles/2016-11-17/helicopter-money-to-free-starbucks-coffee-ease-india-s-cash-woes

[Chica]

I was in India when this happened. Words can not describe what a chaotic mess it was. The announcement was made at approx 8pm at night and pretty much instantly no one was accepting the old 500 and 1000 rupee notes. All ATMs and banks were closed for the next 2 days.

When banks reopened to change the old money there were queues that people were lining in for up to10 hours. Many people waiting for hours and hours to get near the front of the line only to find the banks had run out of 100 bills as the new notes hadn't come into circulation yet. Only 4000 rupee per person per day was allowed to be exchanged at one time.

The ATM's also ran out of cash extremely fast.

The old 500 and 1000 notes accounted for 85% of the Indias money in circulation.

India is a cash society with many poor people not even having bank accounts. One also needed a bank account to change money. Foreigners were exempt.

It's definitely a good move for India but too many people have been seriously adversely affected.

It was near impossible to find money in India during this time that people would accept. This will go on for weeks to come, it is temporarily a national disaster.

[McDuck]

I was in India when this happened...

It was near impossible to find money in India during this time that people would accept. This will go on for weeks to come, it is temporarily a national disaster.

I totally get it.
I'm more than disgusted.
it makes India look like a bunch of idiots.
It's a mind set thing.
It's ok to do something that will overturn people's lives.
Seriously pathetic.
The mental ability to do things with smooth transitions, even to think ahead several steps is just not there.
Once Ai can do call center stuff, the place deserves to sink back down into chaos.
Too harsh. ?
lol. True.

[eri]

afaik

when nixon visited communist china

1 of his aides, at an official banquet, asked a top chinese aide what it was like to "rule" the largest country in the world

after some thought he replied

"it's like being the leader of a marching band 5km long

you are afraid to change the tune

because only those at the front will hear the command and change tune

everyone else will keep on as before"

[Bluecoat]

200 billion dollars out of circulation

Literally the only country not printing enough money (notes)

They have put themselves in a very tricky situation indeed.

[McDuck]

It bothers me when a Govt wants to take a cut out of the small transactions of poor people.
Especially a bumbling Govt that provides those same poor with almost nothing.
Whats the saying, "no taxation without ...actually doing something".

If these poor people were bartering, what taxation could the Govt get, nothing right.?

I hope the poor figure out some other way to trade with each other , without using Govt paper.
Possibly cell phone credits, or some sort of local silver or copper token.

[cube]

The argument that, in these days of fast electronic banking, large cash transactions are not required by legitimate concerns does make some sense.

BUT

1000 rupees = NZ$20